Insurers join hands with data to transform the industry

The insurance sector is evolving along with technology in its form, but also in its essence. As customers demand seamless experiences, organizations are trying to take advantage of information Through artificial intelligence And this Learning Automate claims management, underwriting, customer service and fraud detection to reduce costs.

Insurance companies surprised global pandemic, Their models, data and systems, respected for decades or centuries, simply could not take into account how a pandemic would affect their customers. In addition, many of the traditional data collection methods information In insurance, visits by a specialist to inspect the damage and in-person medical appointments became unforgivable options.

The insurance business has been limited to an accurate assessment of risk through data from health, financial hey environment, among others. Digital transformation provides insurers with new ways to improve upon previous models. According to Deloitte, 95% of global insurers are in the process of or intend to accelerate digital transformation in the past 12 months.

Cloudera, a company dedicated to data analytics, predicts the transformation of the data sector Insurance This is going to change three important pillars.

real time insurance

Cloud It can store both structured and unstructured data, and it enables new types of data, processes and models to be launched and scaled rapidly based on real-time analytics. “With new data streams that are collected and analyzed in real time, insurers can offer more customtimely and relevant”, he explains.

Machine learning allows the insurer to identify which customers have good health prospects without the need for further evaluation

in addition to providing velocity And the agility, cloud-deployed solutions provide the security and protection needed to protect data, as well as the ability to comply with new and evolving laws, which is important in a highly regulated industry as insurance.

predict the risks

Thanks to machine learning, a life insurer can access history and medical conditions To predict the risk of underwriting insurance for a survivor of a critical illness. “By applying this technology, the insurer can identify which customers have good health prospects without the need for further evaluation, which allows them to increase the number of customers and reduce medical costs,” they analyze. Huh.

happy customer

From Cloudera he explains that “from data-based decision making throughout the phases of marketing, quoting, policy management, detection and prevention Danger or retention, an insurer can maximize revenue while keeping risks and costs under control.”

A marketing campaign can target a group of potential customers who are more likely to respond positively.

For example, a marketing campaign might target a group of customers Prospects who are most likely to respond positively. These potential customers are selected from millions of consumers based on aggregated data about their lifestyles, credit historyPrescription Drug Database and other sources.

get insurance 20 minutes Instead of waiting 30 days, it is already possible thanks to the study of the data.